Drudge is highlighting this China Business Weekly piece:
Wal-Mart's China inventory to hit US$18b this year
By Jiang Jingjing (China Business Weekly)
Updated: 2004-11-29 15:21The world's largest retailer, Wal-Mart Stores Inc, says its inventory of stock produced in China is expected to hit US$18 billion this year, keeping the annual growth rate of over 20 per cent consistent over two years.
The trend is expected to continue, company officials revealed.
"We expect our procurement stock from China to continue to grow at a similar rate in line with Wal-Mart's growth worldwide, if not faster," said Lee Scott, the president and CEO (chief executive officer) of Wal-Mart....
So far, more than 70 per cent of the commodities sold in Wal-Mart are made in China.
Experts say Wal-Mart's plan of increasing its procurement from China has granted the firm a positive corporate reputation in the country.
"Buying more products in China means more job opportunities, which helps the firm win not only the government's hearts, but also the customers' appreciations," said Wang Yao, director of information department under the China General Chamber of Commerce.
In the United States, poor people find it possible to afford cheap "Made In China" products for their daily necessities, Wang said.
Wal-Mart, headquartered in Bentonville, Arkansas, entered China in 1996. It has opened 39 stores, including supercenters, "Sam's Clubs" and neighborhood markets in 15 cities around China, including Beijing, Harbin and Dalian.
Quite a while ago, WM stopped its pro-American campaign when they realized what a foolish strategy that really is for a discount retailer. So they buy most of their manufactures from Chinese suppliers at far lower cost. Please note that this has NOT, on net, transferred manufacturing jobs to China from the US, since the number of manufactuing jobs is decreasing in both China and the US!
Posted by Kevin on November, 30 2004 at 10:38 AM
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The Econoclast wrote:What's the source for the data that China has lost manufacturing jobs? I've seen it cited often, but all cites lead back to one financial report from about a year ago, and I'm skeptical.
-- November 30, 2004 09:14 PM ∞
Waveflux wrote in Wal-Mart: Made in China:Anybody remember Wal-Mart's much-ballyhooed "Support America" sales pitch? Even though the corporation dropped that promotion years ago, many shoppers probably still think of Wal-Mart as an America booster. Too bad that it wasn't true, even then. From ...
-- December 1, 2004 10:10 AM ∞
Kevin Brancato wrote:I'm see what you mean; I was skeptical too, once, but I let it out without thinking about it.
Joe Carson's Alliance Capital Management report, is the public source of the data that have been used later by Bruce Yandle, who must have obtained a detailed report not available on the web, as he breaks the data for each country.
However, Robert Reich also used the data, and Caroline Baum cited them, and so did a host of others.
I'm willing to change my view to "there's no evidence of an increase in manufacturing employment in China." Do you object to that?
-- December 1, 2004 12:11 PM ∞
Mohammad Miri wrote:I am the marketing manager of the chabahar free zone organization one of the leading free zones of the Iran, having direct, shortest and cost effective connection to consuming markets like CIS, Afghanistan and Gulf states. Therefore, we are planning to open a stock for chinese goods here for the purpose of distributing them into the near and far consuming markets.
if anybody can give more info in this regard, I would be gratefull, if he/she could help in getting the pric quote of different chinese commodities to be marketed here.
Thanking you
M.Miri-- January 25, 2005 10:59 AM ∞
